Wealthsimple has announced that it raised $750 million in a financing deal, which has brought its total value to $5 billion.
The Toronto-based company says the new financing deal includes several new capital investors and Canadian celebrities including Ryan Reynolds, Drake and Michael J. Fox.
“The financial services industry is in the midst of a massive transformation, and our continued growth, and the interest from some of the world’s leading investors, proves that Wealthsimple is poised at the leading edge of that transformation in Canada,” said Wealthsimple CEO Mike Katchen in a statement.
“This investment will fuel our growth so we can reach millions more and ensure that everyone has access to the simplest, most powerful financial products and services, no matter who they are or where they are in their financial lives.”
Wealthsimple has become popular among younger investors by offering low-fee and sometimes no-fee options.
The company notes that its stock trading platform, Wealthsimple Trade, has experienced rapid growth amid the pandemic.
Source: Wealthsimple
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